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Lamp Market Size in Electric discharge Segment is Projected to Showcase Considerable Industry Share by 2024

Author : Ronak Bora | Published Date : 2019-05-30 

Electric discharge lamp market size is anticipated to exhibit a considerable market share over the forecast time span owing to the rising demand for CFLs over the past few years. Moreover, their features, such as reliability, efficiency, and long duration, will further escalate its growth.

Halogen lamps and CFLs produce about 90% and 80% of their energy as heat respectively resulting in high energy consumption costs. Shifting preference of consumers toward LEDs owing to their less energy consumption costs as compared to traditional halogen and fluorescent bulbs will pose a major threat to the lamp market growth over the forecast timespan. Various government initiatives to ban incandescent bulbs due to their inefficiency and implementation of LED bulbs have negatively affected the industry growth.

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High-efficiency ballasts increase the efficiency of light bulbs. Manufacturers are focusing on developing energy-efficient ballasts that comply with the regulations and use optimum energy. They are being increasingly used owing to their energy management and affordability. Technological advancements in the industry, such as smart lights and motion sensing lights, are gaining prominence in lamp market, especially in the household and hospitality segment owing to their energy management ability.

Indoor application is poised to showcase a significant growth rate owing to the growing implementation of fluorescent lamps in residential, commercial, retail centers, hospitality, and healthcare sectors. Rising need for good lighting conditions at work places and households will positively impact its growth over the forecast time span.

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Residential applications in lamp market are anticipated to witness high adoption rates due to the increasing demand for cost-effective lighting systems in households. The increasing inclination of consumers towards energy-efficient lighting products, such as HIDs and fluorescent lamps, will further impact the lamp market demand. Consumers are also focusing on the lighting design and adopting various electric lighting approaches to optimize the circulation of light inside their homes.

Rising consumer preferences and the need for energy-efficient bulbs will provide growth opportunities in the U.S. lamp market. Phase out of incandescent lamps in the UK has led to increased demand for CFLs this will boost the industry over the forecast period. Retrofitting energy saving bulbs is a major trend witnessed in the region.

Lamp market competitors are Osram, Philips, and GE. Manufacturers are involved in collaborations, mergers, and partnerships to gain a competitive edge in the industry. Manufacturers focus on developing energy-efficient products to save electricity consumption. Enhanced products need to comply with industry standards in various wattage levels.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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